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ROYAL RESOURCES CORPORATION
<br />Consolidated Statements of Changes In Financial Position
<br /> For the For the For the
<br /> Year Ended fear Ended fear Ended
<br /> June 30, 1986 June 3U, 1985 lure 3U, 1984
<br />Sources of funds:
<br />Operations:
<br />Netincomelloss) .................................. ...... $(15,023,496) $1,8+1,278 53,948,462
<br />Add items not regwring working capital:
<br />Depreciation, depletion and amortization ............ ...... 2,906,455 2988,136 3,592,155
<br />Write-clown of oil and gas pruperties ................ ...... 19,270,399 - -
<br />Deferred income taxes and tax eflects
<br />of utilization of net operating loss
<br />carryfonvard,noncurrent ........................ ...... (6,436,090) 745,000 3,945,000
<br />Working capital provided by operations ........... ...... 717,268 5,574,414 11,485.917
<br />Long-term borrowings ................................... .... 200,000 330,000 -
<br />Issuance of common stock ............................... .... - 107,513 8,841,853
<br />Other ................................................ .... 84,918 33,620 158,709
<br /> 1,002,186 6.0-t5,5-17 2U,a86,479
<br />Application of Funds:
<br />Additions to oil and gas properties ........................ .... 2,534,373 9,762,778 N,900,971
<br />Investment in mining property ................ _.......... .... 300,000 - -
<br />Purchase of other property and equipment ................. .... 19,640 259,558 469,527
<br />Acquisition of treasuryslock ............................. .... - 86.875 38,183
<br />Reduction of long-term debt ............................. .... 270,000 - 3,200,000
<br /> 3,124,013 10,109, 21 1 13,608,68 I
<br />Increase (decrease) in working capital ....................... .... (2,121,827) (4,063,6641 6,877,798
<br />Working capital beginning oFyear .......................... .... 3,822,364 7,886,028 1,008,230
<br />Working capital, end ofyear ................................ ... $ 1,700,537 53,82?,364 57,886,028
<br />Summary of changes in components of working capital:
<br />Increase (decrease) in current assets:
<br />Cash and temporary cash investments ................... .... $(2,976,525) $13,031,51 Z) $6,512,152
<br />Marketable securities .................................. ... (204,503) 576.312 524,643
<br />Receivables ......................................... .... (448,646) (951.063) 75,180
<br />Other .............................................. .... (2,747) 11,031 3,995
<br /> (3,632,421) (3,395,2321 7,115,970
<br />(Increase) decrease in current liabilities:
<br />Accounts payable and accrued expenses .................. ... 1,510,594 (668,432) (573,1721
<br />Deferred income[axes ................................. ... - - 335,000
<br /> 1,510,594 ((168,432) (238,172)
<br />Increase (decrease) in working capital ........................ ... $(2,121,827) $(4,063.664) $6,877,798
<br />The acCOnlpdn Ving Holes are an illtegrll part ul Ihe~e tin, racial >Idlemenls
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